When many office developers are on the sidelines for the soft lease market, Apple Inc. is on track to build its own flashy new office complex on the Culver City and Los Angeles border.
With excavations for the completion of the underground garage, construction crews are built upwards in two bronze structures that are expected to build cranes, house Apple’s television streaming services, and expand their presence in Culver City.
Released in 2019, Apple TV+ is known for its television shows such as “Severance,” “The Morning Show,” and the comedy “Ted Lasso.” In 2022, Apple became the first streamer to win an Academy Award for Best Picture in the family drama “Coda.”
Rendering of Apple’s new campus in Culver City and Los Angeles.
(apple)
Apple TV+ has not made any profits so far for the Cupertino-based company. News site information reported this month that Apple TV+ is losing $1 billion a year.
But work on the new office campus suggests that Apple is committed to the prestigious streaming service and the attention it brings to the $3.37 trillion company.
An Apple spokesperson did not respond to requests for comment on the project.
Apple announced office development in 2021, saying it will build two mid-rise buildings, with a total of over 550,000 square feet. They are connected by shared walls of multiple plots of Culver City and Los Angeles, surrounded by Venice, National and Washington Boulevard. The office has a courtyard and is expected to accommodate up to 2,400 employees.
Parcels were previously occupied by small retail and light industrial buildings, but the nearest metro E-Line Station in Culver City has been transformed in recent years with new office, residential and hotel projects.
“Culver City is one of the most vibrant office environments across Los Angeles,” said Jeff Pion, a real estate broker at CBRE.
The crane at Apple’s new construction site is behind Helm’s Bakery on Venice Boulevard, Los Angeles.
(Myung J. Chun/Los Angeles Times)
They include Apple, Sony Pictures Studios, Amazon MGM Studios, Tiktok Inc., Technicolor and Beats Electronics, and Beats Electronics, a subsidiary of Apple.
Future Apple Office neighbors include $350 million homes, hotels, office complexes, Ivy Station and Ivy Station, where Anchor Office tenants are HBO.
Next to it is the historic Helms Bakery Campus, a former bread factory that I dated in the 1930s, and is now home to furniture, design shops and restaurants.
Walter N. Marks III, whose family owned Helms’ property for decades, said one of the main attractions of the Apple site is its passing accessibility with Venice and Washington Boulevard stations and bus services. It is also close to 10 highways.
Apple says it will provide commuting assistance to its employees, including shuttles and support services for bikes.
When Apple’s development is finished in about two years, Marks said another activity shot will be added to the neighborhood.
“We’ve been an island for a long time,” he said of Helms Bakery, which stopped making bread in 1969.
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